TOPIC: OLDER WIFE
I will turn 66 next month. My husband is 59, and in poor health. I also have health issues that would make it difficult to work full-time if he becomes disabled or does not survive. He will not be FRA until 66 and 6 months. I am trying to decide whether to take my own retirement now, and am confused about spousal benefits. (Older wives are not the norm, and it's hard to find my scenario in research.) In addition, we are both self-employed. His earnings are 2/3 more than mine for our lifetime. Am I entitled to take the 50% of his benefit as well as my full benefit now? Should I take only mine or the spousal and delay one or the other to age 70, or is that an option? If so, how is that done? Is he able to take a spousal benefit now on my income? Our income is low, and savings non-existent.

Hi,

You can't get spousal benefits at least until your husband starts drawing his benefits. The soonest he could qualify for retirement benefits is age 62, so you wouldn't be able to draw spousal benefits before then unless your husband qualifies for disability benefits.

You could file for spousal benefits without being deemed to file for benefits on your own record, but not before your husband files. If you did that, you could then conceivably switch to your own record at age 70 when your own retirement rate would reach it's highest point. That may or may not be your best strategy depending on your and your husband's relative benefit rates among other factors.

If you file for your own benefits now, you will only qualify for spousal benefits in the future if 50% of your husband's full retirement age rate (PIA) is higher than your own PIA. However, if your husband dies before you, you could receive up to his full benefit rate, which would be determined in part based on when he starts drawing his benefits. You can't get both your own retirement benefits and full spousal or widow's benefits, though, just the higher of the 2 rates.

You should strongly consider using the maximization software available on this website to help you determine your best filing strategy. The software can factor in all of the variables mentioned above in order to determine your best course of action.

Best, Jerry